A study by US-based fintech firm Fiserv has revealed that a gift card is the last-minute gift of choice for majority of US consumer in 2020.
The study polled over 1,000 American consumers aged at least 18 years.
Eighty-four percent of the respondents said that a gift card is their last-minute gift of choice this year, unveiled the Holiday 2020 Gift Card Gauge from Fiserv.
The study also found 81% of the respondents willing to give at least one gift card this holiday season, and 38% interested in giving five or more.
Besides, 32% of the respondents said that they expect buying gift cards in the week leading up to the holidays.
The key reasons cited for giving gift cards this holiday season are lack of surety about what physical gift to buy, recipients can purchase their own gift, and not having to shop in a store.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Also, 48% of the respondents said that they intend to spend their gift cards mainly online, while another 34% said that they will use it online as well as at physical stores.
According to the findings, 33% of the respondents want to spend $20-$30 per gift card, 11% $40-$50, and 22% want to spend over $50.
Fiserv senior vice president and head of Prepaid Dom Morea said: “The convenience and ‘can’t go wrong’ attributes of gift cards make them the first choice for many holiday shoppers.
“Gift cards appeal strongly to last minute buyers, particularly so in the current pandemic environment when many are hesitant to browse in stores.”
Fiserv was recently in the news for its launch of a business intelligence platform to help financial institutions optimise their card portfolio using market intelligence as well as business and cardholder data.